Trade agreements also aim to remove quotas – limiting the amount of goods that can be traded. Any existing EU agreement, which will not be rushed, will end on 31 December and future trade will take place on WTO terms until an agreement is reached. Any trade agreement will aim to remove tariffs and remove other trade barriers that come into force. It will also cover both goods and services. The new trade continuity agreement will be useful to many sectors in both countries. As the UK prepares to leave the EU, it has made Chile one of its first trading partners for the future. Trade relations between countries have increased considerably since the first free trade agreement. With Brexit coming, the UK is taking care of its trade deals and its economic relations with other countries. Chile is a major export partner of the United Kingdom, with the United Kingdom exporting $771 million to the country. Since the British wine market is highly dependent on Chile, trade relations between the two countries are very important. International Trade Minister Dr Liam Fox said: “Today we signed an important trade continuity agreement as we prepare to leave the European Union. The following geographical indications of the United Kingdom, including “cross-border geographical indications,” which relate to the territory of Northern Ireland and the Republic of Ireland, are protected in this agreement: “In both cases, the agreement we signed today means that there will be no disruption to trade between the United Kingdom and Chile when the United Kingdom leaves the EU.” If no agreement is reached by December 31, many imports and exports will be billed, which could drive up prices for businesses and consumers.
On 23 October, the UK government signed a new trade agreement with Japan, which means that 99% of UK exports will be tariff-free. Given that Chile and the United Kingdom have agreements that will survive Brexit, this opens doors for other countries to do the same. Preliminary work on trade negotiations with the United Kingdom has allowed other Latin American countries to have the same potential for mutual cooperation. As the UK (UK) prepares to leave the European Union (EU), all EU trade agreements under the EU will no longer exist. The UK is now committed to new agreements to maintain the diversification of its economy. One country that has recently collaborated with the United Kingdom is Chile, known as the Trade Continuation Agreement. Cooperation between these two countries is powerful in their own rights and offers positive trade benefits to businesses. Find out what the UK trade deal with Chile means for businesses and potential investors. The agreement also protects intellectual property rights and maintains preferential market access for trade in services. This agreement reiterates the consequences of the existing association agreement between the EU and Chile. The aim is to ensure the continuity of trade relations between Chile and the United Kingdom after Brexit.
By signing the agreement between the United Kingdom and Chile, both sides ensured economic security. This guarantee is granted mainly to businesses, consumers and investors after the UK leaves the EU. The agreement also protects intellectual property rights and maintains preferential market access for trade in services.